Marassi Red Sea: Egypt’s New USD 18 Billion Luxury Tourism Project

Egypt unveiled on Sunday 7 September its latest mega tourism development: a new Red Sea city resort project worth EGP 900 billion (about USD 18 billion), launched through a partnership with Emirati and Saudi real estate giants Emaar Misr and City Stars. Prime Minister Mostafa Madbouly oversaw the signing ceremony on Sunday, alongside top government officials, including Housing Minister Sherif El Sherbiny, Investment and Foreign Trade Minister Hassan El Khatib, and Presidential Adviser for Urban Planning General Amir Sayed Ahmed. The agreement was signed by Mohamed Alabbar, founder of Dubai based Emaar Properties, and Hassan El Sharbatly, Vice Chairman of City Stars Group. Officials confirmed that the deal followed a series of state led settlement procedures that extended land use rights and formalized Emaar’s role as master developer. What is Marassi Red Sea? The project covers 2,426 feddans, or about 10.2 square kilometers, of prime coastal land only 30 minutes from Hurghada International Airport. Once completed, which is targeted within four years, it will include 12 luxury hotels with both rooms and serviced residences, a world class marina with one main harbour and two boutique marinas, and a 400 meter…

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